Prime Minister Theresa May will be hoping to pursuade France's Emmanuel Macron against his reported hardline stance on whether or not the EU should offer the UK a long Brexit at a special midweek summit on the matter.
A leading foreign exchange analyst says he remains wary of the Pound and advises traders to steer clear of the currency as the popular notion that a 'no deal' Brexit will be avoided is entirely misplaced.
The British Pound was seen trading higher against its peers on Tuesday, April 02 after Prime Minister Theresa May offered to engage in cross party talks to reach a consensus for a 'softer' Brexit.
Having staged its strongest advance of 2019 on Wednesday, the British Pound has fallen back to more familiar levels on Thursday, March 14 as consolidation takes hold of a market that has witnessed a surge in volatility over recent days.
UK lawmakers have voted to hypothetically take a 'no deal' Brexit off the table 'forever' under the first of a series of votes on Brexit due to be tabled tonight.
The British Pound has performed a sharp turn-around after the UK Attorney General dismisses recent concessions made by the EU on the matter of the Irish backstop.
The British Pound rose to record fresh multi-month highs against the Euro and rallied towards recent multi-month highs against the Dollar following a last-gasp attempt by the EU and UK to secure a Brexit deal.
It's a soft start to the week for Pound Sterling with foreign exchange markets cutting back on exposure to the currency as they eye a critical few days in Brexit politics.
Pound Sterling remains the best performing G10 currency for 2019, but we are hearing analysts say the currency will struggle to advance any further during coming weeks because an extension of the Article 50 exit period is about to prolong the uncertainty hanging over the economy.
The British Pound is seen trading steady in the midweek session, albeit well off recent highs as traders express nerves that the UK will be unable to secure the kind of assurances required from Brussels to pass Prime Minister Theresa May's Brexit deal.
The strong start for Sterling comes as markets continue to price out a 'no deal' Brexit occurring on March 29, with foreign exchange markets on Monday digesting conflicting news on what it is UK Attorney General Geoffrey Cox is likely to achieve in his negotiations with the EU.
Pound Sterling has found a new ‘glass ceiling’ above which it is unlikely to rise without a new catalyst say a number of foreign exchange analysts we have heard from on a day that has seen the currency fall back from recent multi-month highs against the Euro and a host of other major currencies.
The British Pound is adding to its recent gains against the Euro and U.S. Dollar in the mid-week session, as financial markets maintain the view that a 'no deal' Brexit outcome is unlikely and that Prime Minister Theresa May's Brexit deal is seeing improved chances of being voted through parliament in mid-March.
Pound Sterling has pushed higher towards the top of a medium-term range against the Euro on news flow that suggests the likelihood of a 'no deal' Brexit is becoming increasingly remote.
Pound Sterling is consolidating against the Euro with the Pound-to-Euro exchange rate quoted at 1.1520 at the start of the new week, if we look at the below chart we can see the pair has been more-or-less unchanged for four consecutive days of trading now.
The British Pound is the best performing major currency of the past week having recorded advances against the likes of the Euro and Dollar on the back of cementing expectations that a 'no deal' Brexit will be avoided on March 29.
The British Pound is trading above 1.15 against the Euro and 1.30 against the Dollar on Thursday, February 22 with markets taking stock of the latest high-level Brexit meeting held between the EU and UK overnight.
A series of rumours that point to progress in Brexit negotiations appear to have triggered a strong rally in the British Pound over the course of the past 24 hours.
Negotiations between the UK and EU on the Brexit deal will be reopened following a meeting between European Commission President Jean-Claude Juncker and UK Prime Minister Theresa May.
Prime Minister Theresa May meets Northern Irish political parties today before moving on to Brussels on Thursday for a series of meetings, most notably with European Commission President Jean-Claude Juncker.
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